Amendment regulations that change the notifiable events regime and increase the look-back period for financial support directions have been laid before Parliament.
Once these amending regulations come into force trustees will no longer be required to notify the Pensions Regulator (the Regulator) if there are changes in key scheme posts; and the employer will not be required to notify the Regulator if there is a credit rating change or there are changes in key employer posts (for more information on the notifiable events regime please see EPB briefing 131).
The amending regulations also provide for a staged increase from the current 12-month period during which the Regulator can “look back” and decide to issue a financial support direction. This “look back” period will increase to 24 months by 6 April 2010.
The amending regulations come into force on 6 April 2009.